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Westpac: AUD/USD edged lower due to weakening AI and chip stocks, and record-high long-term government bond yields.
The Australian dollar edged lower as "another leg down" in artificial intelligence and chip stocks combined with fresh highs in long-term government bond yields to sap market risk appetite, said Richard Franulovich, head of FX strategy at Westpac. The Australian dollar fell 0.1% to $0.7076.
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